Ben la Grange was CFO of Steinhoff under Marcus Just.

The Johannesburg Stock Exchange has suspended former Steinhoff CFO Ben La Grange as a director of the company for 10 years and fined him a total of R2 million for “failing to carry out his duties and responsibilities” with “due care and skill”.

La Grange, who was CFO under former group chief Marcus Giuste, was found to have processed a handwritten invoice for €23.5m (about R340m at the time) given to him by Marcus Giuste in 2016, which Deemed bogus by the JSE. .

“There was no actual transaction or any legitimate commercial reason to support the information or calculations contained in the handwritten document,” it said.

The JSE found that La Grange, who said he did not know at the time that the invoice was false, should have done more to check that it was genuine.

“La Grange should have known that, due to numerous accounting irregularities, Steinhoff’s previously published financial information did not comply with international financial reporting standards and was incorrect, false and misleading in material respects,” the JSE said.

It appears that the fine could have been higher if La Grange had not been “unwavering” in its cooperation with the JSE’s investigation, including providing information that helped the JSE’s investigation into Steinhoff.

The JSE said it was “continuing to investigate the conduct of other individuals who were in charge of the company during the periods in question and who were bound by the Llstings’ claims.”

We live in a world where fact and fiction are blurred

In times of uncertainty, you need journalism you can trust. For 14 free days, you can access a world of in-depth analysis, investigative journalism, best opinions and a range of features. Journalism strengthens democracy. Invest in the future today. After that, you will be billed R75 per month. You can cancel your subscription at any time, and if you cancel within 14 days, you will not be billed.

Source by [author_name]

Previous articleiiDENTIFii wins KPMG Tech Innovator in Africa
Next articleCompetition Commission attacks price-fixing insurers – SABC News